Stifel Nicolaus Raises Fortinet (FTNT) Price Target to $46.00

Fortinet (NASDAQ:FTNT) had its price target boosted by investment analysts at Stifel Nicolaus from $42.00 to $46.00 in a report released on Tuesday, Marketbeat.com reports. The brokerage presently has a “hold” rating on the software maker’s stock. Stifel Nicolaus’ price objective would indicate a potential downside of 1.16% from the company’s previous close.

FTNT has been the subject of a number of other research reports. Piper Jaffray Companies reiterated a “buy” rating and set a $46.00 target price on shares of Fortinet in a report on Friday, October 27th. Zacks Investment Research upgraded Fortinet from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a report on Tuesday, October 31st. Oppenheimer boosted their target price on Fortinet from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, January 8th. Robert W. Baird boosted their target price on Fortinet from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 11th. Finally, Evercore ISI reiterated a “hold” rating and set a $38.00 target price on shares of Fortinet in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. Fortinet has a consensus rating of “Buy” and an average target price of $47.33.

Shares of Fortinet (NASDAQ FTNT) traded up $2.71 during trading hours on Tuesday, hitting $46.54. The stock had a trading volume of 6,690,373 shares, compared to its average volume of 1,490,000. Fortinet has a 1-year low of $35.44 and a 1-year high of $47.00. The stock has a market cap of $8,090.00, a PE ratio of 273.76, a P/E/G ratio of 4.59 and a beta of 0.86.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.03. Fortinet had a return on equity of 10.92% and a net margin of 5.93%. The business had revenue of $416.70 million during the quarter, compared to analysts’ expectations of $409.04 million. During the same quarter in the previous year, the business earned $0.30 EPS. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. equities analysts predict that Fortinet will post 0.48 earnings per share for the current fiscal year.

Fortinet declared that its Board of Directors has initiated a share buyback plan on Thursday, October 26th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the software maker to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

In other Fortinet news, Director Ming Hsieh sold 5,332 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $39.64, for a total value of $211,360.48. Following the transaction, the director now directly owns 331 shares of the company’s stock, valued at approximately $13,120.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Keith Jensen sold 1,850 shares of the company’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $39.20, for a total value of $72,520.00. Following the sale, the insider now directly owns 1,374 shares in the company, valued at $53,860.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,288 shares of company stock worth $4,356,149. 17.00% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of FTNT. California Public Employees Retirement System raised its position in shares of Fortinet by 2.4% during the 2nd quarter. California Public Employees Retirement System now owns 213,400 shares of the software maker’s stock valued at $7,990,000 after acquiring an additional 5,000 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Fortinet by 9.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 133,202 shares of the software maker’s stock valued at $4,987,000 after acquiring an additional 11,651 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Fortinet by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 259,916 shares of the software maker’s stock valued at $9,732,000 after acquiring an additional 4,124 shares in the last quarter. Numeric Investors LLC acquired a new stake in shares of Fortinet during the 2nd quarter valued at approximately $614,000. Finally, Royal Bank of Canada raised its position in shares of Fortinet by 3.6% during the 2nd quarter. Royal Bank of Canada now owns 123,289 shares of the software maker’s stock valued at $4,616,000 after acquiring an additional 4,247 shares in the last quarter. 70.84% of the stock is currently owned by institutional investors and hedge funds.

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Fortinet Company Profile

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

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